Cikarang Listrindo

What Cikarang Listrindo does

PT Cikarang Listrindo Tbk (IDX: POWR) is Indonesia's longest-operating Private Power Utility (PPU), having begun operations in October 1993 from its headquarters in Jakarta's World Trade Centre with power generation assets in Cikarang and Babelan, Bekasi (West Java). The company operates an integrated power generation, transmission, and distribution business, supplying electricity through long-term Power Purchase Agreements (PPAs) to five major industrial estates (Jababeka, MM-2100, East Jakarta Industrial Park, Hyundai Inti Development, and Lippo Cikarang) and to the state electricity company PLN. As of 2025, it serves over 2,600 industrial customers across automotive, electronics, plastics, food, chemicals, consumer goods, and data center sectors, with total installed capacity of 1,189.7 MW.

The generation portfolio comprises 864 MW of gas-fired combined-cycle capacity across two plants (PLTGU Jababeka at 755 MW and PLTG MM-2100 at 109 MW as reserve), 280 MW of coal-fired Circulating Fluidized Bed (CFB) capacity at PLTU Co-firing Babelan with 70 MW of biomass co-firing capability, and 45.7 MWp of distributed solar PV. Transmission infrastructure includes 150 kV lines spanning over 60 km and a 20 kV distribution network of approximately 2,000 km. Core equipment is sourced from GE (Frame 6B and 9E gas turbines), Siemens (steam turbines, generators), and Valmet (CFB boilers), and the company is also deploying EV charging stations (31 SPKLU units as of December 2025) and supporting customer renewable energy projects.

The business model is rooted in B2B subscription-based electricity supply with regulated capacity charges (per KVA) and energy charges (per kWh) billed monthly under multi-year PPAs. Cikarang Listrindo has been publicly listed on the Indonesia Stock Exchange since 2016 (IPO US$272 million) and in 2025 achieved investment-grade credit ratings from S&P (BBB-) and Moody's (Baa3) for the first time, with a 10.5% dividend yield. The company is expanding its renewable mix (solar and biomass co-firing) and EV charging infrastructure to address growing demand from data center customers and ESG-conscious industrial buyers, while a long-term Gas Commercial Agreement with Pertamina EP through 2035 secures fuel for the gas-fired fleet.

Name

Cikarang Listrindo

Legal name

PT Cikarang Listrindo Tbk

Website

https://listrindo.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

501–1,000 employees

Short description

PT Cikarang Listrindo Tbk (IDX: POWR) is Indonesia's longest-operating Private Power Utility, supplying electricity through long-term PPAs to 2,600+ industrial customers across five industrial estates and PLN, operating 1,189.7 MW of gas, coal, biomass, and solar capacity.

Ownership category

akta.pro rank

Product category

Electric Power Generation and Distribution

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Distribution (221122), Solar Electric Power Generation (221114)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Corporate PPAs (C&I Offtake; Sleeved/Virtual/Physical) (EUAGADAA)

akta.pro secondary industries

C&I PPAs & Virtual PPAs (VPPA) Origination & Management (EUAGACAF), PPA Origination, Structuring & Offtake Contracting (Physical/Financial, Sleeves) (EUAMAMAD), PPA Origination, Advisory & Contract Management (Negotiation, Credit, Settlements) (EUAGADAL)

Keywords

• Electric power generation
• Electricity distribution services
• Private power utility
• Industrial power supply
• Combined-cycle gas turbines

Headquarters

HQ city

Cikarang

HQ country

Indonesia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Electricity Sales: Sale of electricity to industrial customers in 5 industrial estates and to PLN through Power Purchase Agreements (PPA). Revenue based on capacity charges and energy consumption. 2025 net sales: US$553.5 million.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Cikarang Listrindo operates as Indonesia's longest-running Private Power Utility (PPU), generating and distributing electricity through three owned power plants totaling 1,189.7 MW installed capacity. The company supplies electricity under long-term Power Purchase Agreements (PPAs) to five industrial estates near Jakarta and to the state utility PLN, while also selling directly to over 2,500 industrial customers in manufacturing, data center, and other sectors. Beyond conventional generation, the company provides integrated transmission and distribution infrastructure and has expanded into renewable energy (solar rooftop and biomass co-firing) and EV charging.

Product overview

Cikarang Listrindo operates as an integrated power utility with generation, transmission, and distribution capabilities. The company manages three main power plants: PLTGU Jababeka (755 MW gas-fired), PLTG MM-2100 (109 MW gas-fired as reserve), and PLTU Co-firing Babelan (280 MW coal-fired with 70 MW biomass co-firing). Combined conventional capacity totals 1,144 MW plus 45.7 MWp solar. The company provides electricity to 5 industrial estates and PLN, operates 150 kV transmission (60+ km) and 20 kV distribution (2,000 km) infrastructure, and has expanded into EV charging stations (31 units). Total installed capacity reaches 1,189.7 MW.

Differentiator

Problem solved

Functional benefit

Products and services

• PLTGU Jababeka Power Plant Gas and steam combined-cycle power plant located in Jababeka Industrial Estate with 755 MW capacity (300 MW Frame 6B combined cycle, 346 MW Frame 9E combined cycle, 109 MW Frame 9E simple cycle as reserve). Supplies electricity to industrial customers in the Jababeka estate.
• PLTG MM-2100 Power Plant Gas-fired power plant located in MM-2100 Industrial Estate with 109 MW simple cycle capacity (Frame 9E gas turbine), serving as backup/reserve generation for the MM-2100 estate and PLN.
• PLTU Co-firing Babelan Power Plant Coal-fired power plant with biomass co-firing capability located in Babelan, with total capacity of 280 MW including 70 MW biomass co-firing. Equipped with CFB boiler technology and biomass handling system using palm kernel shells.
• Electric Vehicle Charging Stations (SPKLU) Public electric vehicle charging stations operated across industrial estates. As of December 2025, 31 SPKLU units are operational, supporting government EV infrastructure acceleration.
• Electricity Supply to Industrial Estates Integrated electricity supply services to 5 industrial estates: Jababeka, MM-2100, East Jakarta Industrial Park, Hyundai Inti Development, and Lippo Cikarang. Serving over 2,600 customers across automotive, electronics, plastics, food, chemical, consumer goods, and data center industries.
• Electricity Supply to PLN

Quantifiable outcome

• 30 years of partnership with industrial estates
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• PT Pertamina EPcoreStrategic or Co-development Partner · 21 May 2026Pertamina EP signed Gas Commercial Agreements (PJBG) with PT Cikarang Listrindo during the Indonesia Petroleum Conference. This partnership secures industrial gas supply for Cikarang Listrindo's power generation operations through 2035, ensuring long-term fuel security for electricity production.
• PLN (Perusahaan Listrik Negara)coreStrategic or Co-development PartnerPLN is a major customer purchasing bulk electricity through Power Purchase Agreements. Cikarang Listrindo supplies electricity to PLN as part of Indonesia's national electrification program, contributing to government targets for electricity access.
• General Electric (GE)coreTechnology or IntegrationGE is the primary equipment supplier for power generation assets, providing Frame 6B and Frame 9E gas turbines. Equipment sourced from GE powers the majority of Cikarang Listrindo's 864 MW gas generation capacity.
• SiemenscoreTechnology or IntegrationSiemens supplies steam turbines and generators for combined-cycle operations at Jababeka (128 MW steam turbine) and CFB boilers at Babelan (2 x 140 MW units). Core technology partner for power generation equipment.
• ValmetcoreTechnology or IntegrationValmet supplies Circulating Fluidized Bed (CFB) boilers for PLTU Co-firing Babelan, enabling efficient coal and biomass co-firing for the 280 MW power plant.
• Yayasan Karya Salemba Empat (KSE)minorStrategic or Co-development PartnerCSR partnership for scholarship programs supporting 119 university students from underprivileged families. Cikarang Listrindo funds scholarships through this foundation as part of its social responsibility initiatives.
• Badan Perencanaan Pembangunan Daerah (Bappeda) Kabupaten BekasiminorStrategic or Co-development PartnerCollaboration with Bekasi Regency government on CSR programs including BEGANA disaster preparedness program and various community development initiatives.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Tata Power: Indian integrated power utility with generation, transmission, distribution, and renewable operations. Comparable as a publicly listed power utility with mixed fossil-renewable generation serving industrial and commercial customers, though operating primarily in India.
• Sembcorp Industries: Singapore-based energy and urban development company with gas and renewable IPP assets across Southeast Asia (including Indonesia). Comparable in business model (IPP with long-dated PPAs to industrial and utility customers), though operates across multiple geographies.
• GMR Power and Urban Infra: Indian power and infrastructure conglomerate with coal, gas, and renewable IPP assets. Comparable as a regional IPP serving industrial and utility customers via long-term PPAs, though primarily focused on the Indian market.

Broad incumbents

• Indika Energy: Indonesian diversified energy company with coal mining, logistics, and power generation interests. Comparable as an Indonesian power and resource operator with PLN PPA exposure, but with broader commodity trading focus.
• Bukit Asam: Indonesian state-owned coal miner and power producer listed on IDX. Comparable as a domestic energy operator, but focused upstream on coal mining with power generation as a downstream vertical rather than primary business.
• Adaro Energy: Indonesian integrated energy group with coal mining, power generation, and renewable exposure. Comparable via its power generation vertical and Indonesian operating footprint, though broader commodity exposure differentiates the business model.
• PT Indonesia Power (PLN subsidiary): Largest Indonesian power generation company and PLN subsidiary operating >20 GW across diverse fuel types. Comparable as a domestic power producer, but operates at much larger scale and under direct PLN ownership, with broader portfolio scope.

Direct peers

• Medco Power Indonesia: Indonesian independent power producer with a diversified portfolio of gas, geothermal, and renewable assets serving PLN and industrial customers. Most directly comparable to Cikarang Listrindo in scale, customer mix (PLN PPAs + C&I), and fuel mix across Indonesia.
• Geo Dipa Energy: Indonesian geothermal IPP majority-owned by Pertamina and PLN, operating two geothermal power plants under long-term PPAs. Comparable as an Indonesian IPP supplying baseload power to the national grid via regulated contracts.
• Star Energy Geothermal: Indonesian geothermal IPP with long-term PPAs to PLN, operating multiple generation assets in Indonesia. Comparable in business model (long-dated offtake PPAs with state utility) and exposure to Indonesia's energy transition, though narrower fuel focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@PTCikarangListrindoTbk
• LinkedInlinkedin.com/company/pt-cikarang-listrindo
• Instagraminstagram.com/powr.id

Compliance19 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cikarang Listrindo